On Sunday, US President Joe Biden confirmed that a final agreement has been reached with the Republican leader in the House of Representatives, Kevin McCarthy, to increase the debt ceiling. The text of the agreement is ready to be put to a vote in Congress.
During a press conference, the president stressed that this agreement represents a commitment, which implies that none of the parties obtained all their demands, but stressed that this is the responsibility of governing. Biden urged both chambers to pass the rule, which will prevent the U.S. from defaulting.
As for the specific details of the agreement, Biden mentioned that concessions were made in the budget, but assured that it was not excessively ceded. With some progressive lawmakers concerned about the number of concessions made, the president expressed confidence that they will see that he hasn’t given too much.
Biden also said he believes in the good faith of Republicans in the negotiations and is convinced that McCarthy has enough support from his party to pass the law. Otherwise, the agreement would not have been possible, according to his words.
In a message on social networks, Biden detailed that the agreement protects the priorities and achievements of his government. Extreme cuts in programs for veterans, seniors and vulnerable families are rejected. In addition, it ensures social security protection, Medicare and Medicaid programs, as well as student debt relief for 40 million people.
Lawmakers and senators will have a few days to review the bill, which will be voted on in the House of Representatives next Wednesday. This date is five days before the deadline announced by Treasury Secretary Janet Yellen to avoid default.